Property Listing No Longer Available for Sale

533 West Front Street, Wheaton, IL

Office for Sale - $450,000 - 7,230 Sq. Ft.


Property Info

CIMLS#134537
Location
  533 West Front Street
  Wheaton IL 60187
UpdatedJune 24th, 2011
TypeOffice
Price$450,000
Building7,230 Sq. Ft.

Property Description

Marcus & Millichap is pleased to present 533 Front Street, a multitenant office property located in downtown Wheaton, Illinois. The property consists of 7,230 square feet of rentable office space and is located adjacent to the Union Pacific West Line, the Metra line that runs through downtown and has been a staple of Wheaton since its founding.

Sought after because of the low property taxes, in-fill location, and strong occupancy, this offering provides an investor an opportunity to own real estate in an affluent community in DuPage County with potential upside through increasing rents that are substantially below market averages.

This property is 100 percent occupied, currently leased to two tenants who share the building. The Upper Room Dance Studio is on the 2nd Floor and has occupied the space for almost a decade with a stable clientele in the area. The first floor and lower area are occupied by a church group that holds services on the first floor and special designated activity areas in the lower level offices. The property has benefited from strong occupancy due to the dense in-fill location and demand for this type of space in the downtown area.

Currently, the building is leased at below market rents - about 50 percent of the average rental rate for the area. This value-add investment allows an investor to acquire a premier location at a price substantially below replacement cost, gradually increase rents to market levels, as the property is not encumbered by long term leases, and realize double digit returns.

Location Description:

Wheaton is the County Seat of DuPage County and was listed among the “Top 25 Highest Earning Towns” on CNN Money in August 2010, purporting a median family income of $113,517 and a median home price of $328,866 (based on 2009 figures). The subject property is located within the Central Business District in Wheaton. Along with being within walking distance of the Metra commuter train, of which two stops are within city limits, tenants are also right next to local stores and services in the heart of the downtown.

Wheaton is 25 miles directly west of Downtown Chicago and is within 13 miles of O’Hare International Airport and 19 miles from Midway Airport. The highway access is excellent as Route 38 is a few blocks from the building to the south and Interstates 355, 290, 88, and Routes 56 and 83 are all in close proximity.

Highlights:

>> Short Walk to Downtown Wheaton Metra Station

>> Perfect In-Fill Location Within an Affluent Community

>> Good Unit Size For This Submarket

>> Rental Upside as Tenants Turn Over

>> Modern 1960's Construction

>> Rooftop AC Units; Paved Parking Lot

>> Excellent Curb Appeal

>> Visibility on Front Street and From Metra Rail

>> Walking Distance to Metra and Downtown

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